Emer Currie
Question:242. Deputy Emer Currie asked the Tánaiste and Minister for Finance for an update on his work to deliver a new national savings strategy; and if he will make a statement on the matter. [21063/26]
View answerTuesday, 21 April 2026
Questions (242, 249, 320)
Darren O'Rourke
Question:249. Deputy Darren O'Rourke asked the Tánaiste and Minister for Finance to outline his proposals for a new State savings scheme, as reported in the media (details supplied); the scheme designs being considered; and if he will make a statement on the matter. [26842/26]
View answer
Colm Burke
Question:320. Deputy Colm Burke asked the Tánaiste and Minister for Finance the details of the Government’s new proposed savings and investment scheme; when it is likely to be put in place; and if he will make a statement on the matter. [26797/26]
View answerWritten answers
I propose to take Questions Nos. 242, 249 and 320 together.
At the recent Savings and Investment Forum, I announced the Government’s intention to introduce the legislative framework for an Investment Account in 2026. We want to make investing simpler, clearer, and more accessible for ordinary people, and help their hard-earned money work harder for them over time.
The aim is to legislate for the framework in 2026 and to allow accounts to be offered from 2027. The account will be designed as a simple, one-stop option for individuals. It will also be a key part of a broader rethink of the taxation of retail investment. The Government’s view is that the account should be simple, accessible, tax efficient, easy to administer, transparent on fees and portable across borders where possible.
We will take account of expert views as we design the model that best fits the Irish economy and the needs of Irish households.
The tax treatment of retail investments was considered as part of a broader review into the funds and asset management sector in Ireland, which culminated in the ‘Funds Sector 2030’ report that was published in October 2024.
In recognition of the importance of encouraging retail investment, Budget 2026 provided for a reduction in the rate of taxation on returns from Irish and equivalent investment funds and Irish and certain foreign life assurance policies from 41% to 38% which took effect from 1 January 2026.
In addition, Budget 2026 also included a commitment to publish a roadmap in 2026, setting out the intended approach to simplify and adapt the tax framework to encourage retail investment in future Finance Bills. The roadmap, which will be published in the coming months, will take into consideration developments at EU level in respect of the Savings and Investments Union, including the Recommendation on SIAs and continue to draw upon best practice in other countries who operate successful investment accounts.
It is clear that the traditional financial culture in Ireland is to favour savings over investment, and this is the case for many in the EU, however, Ireland has much lower uptake than any other Member State for assets held in investment funds. The need for people to build their savings and investments has proven greater in recent times with the changing nature of work – in that there is more self-employment, people have more jobs throughout their life, and they have a longer than average life expectancy.
With increased inflation, we see the value of money held in savings accounts diminish and this highlights the value of diversifying these savings.
While investments offer opportunities, they also entail differing levels of risk and investors are always encouraged to seek financial advice from professionals to manage this risk to meet their savings goals.